(REQ Plz) Simple Take Profit EA based on Bollinger Bands

[kennyhubbard]

Here is a minor update of the Bol_TP EA. I have removed the function that removes the EA from the chart when you load it onto a second chart of the same currency/TF by mistake. Unfortunately it was deleting my global variables when it did this which causes the scripts to malfunction. Instead now, the EA remains on the chart but is inactive. This also saves you the hassle of reloading the EA if it was a simple mistake.....just change the TF or Pair and the EA continues to work normally.

 

There is a minor issue where the lots traded reverts to fixed lots when lotsize is limited by broker minimum. This is not intentional but it still serves the same function, so I am not to worried about it.

 

http://www.multiupload.com/8HMVWLBD84

http://www.multiupload.com/O4XOZNRIM0

http://www.multiupload.com/3MWB2VL2KR

http://www.multiupload.com/QGHL0DQYEL

 

Benny, I saw some-one asking about the latest version......I have seen in other development threads that it is common practice to place the latest versions in the first post of the thread and continuously update that post as the discussion grows. I wonder if I could ask you to repost the links in your first post, along with the instructions.

[benny3]

Sure thing Kenny i'll post all updates in 1st post

 

Thanks for the updates

[benny3]

Hi Kenny is it possible to have a script associated with the EA to close all orders open?

[kennyhubbard]

Yup, that should be easy enough. Do you want it to close ALL orders or the ones on the chart that is is dropped?

[benny3]

Yup, that should be easy enough. Do you want it to close ALL orders or the ones on the chart that is is dropped?

 

All orders thanks

[awsl]

2010.10.11 15:23:21 Bol_TP_v4_Enhanced EURUSD,H1: Alert: Error detecting new ticket!!Please contact the author of this EA

 

Once open a trade with the script, directly there is an error message above and trade is closed.

what could be wrong?

[kennyhubbard]

Hi there,

 

I need more info please. In the experts tab, when you got the error, it would have provided a magic number and a ticketfound. Please could you copy and paste those into a post for me to examine.

 

I also need to know if there were any other trades in progress. Has it happened before and have you made made any other successful trades before this error?

 

Thanks

[awsl]

Hi there,

 

I need more info please. In the experts tab, when you got the error, it would have provided a magic number and a ticketfound. Please could you copy and paste those into a post for me to examine.

 

I also need to know if there were any other trades in progress. Has it happened before and have you made made any other successful trades before this error?

 

Thanks

 

 

Hi Kenny,

 

Sell script seems to have error, buy script is working fine.

 

 

List from expert tab:

 

2010.10.11 16:08:57 Bol_TP_v4_Enhanced EURUSD,M15: OrderMagicNumber = 0

2010.10.11 16:08:57 Bol_TP_v4_Enhanced EURUSD,M15: Ticket found = 0

2010.10.11 16:08:57 Bol_TP_v4_Enhanced EURUSD,M15: Alert: Error detecting new ticket!!Please contact the author of this EA

2010.10.11 16:08:57 Bol_TP_v4_Enhanced EURUSD,M15: OrderMagicNumber = 0

2010.10.11 16:08:57 Bol_TP_v4_Enhanced EURUSD,M15: Ticket found = 0

2010.10.11 16:08:57 Bol_TP_v4_Enhanced EURUSD,M15: Alert: Error detecting new ticket!!Please contact the author of this EA

2010.10.11 16:08:57 Bol_TP_v4_Enhanced EURUSD,M15: close #34491788 sell 0.10 EURUSD at 1.39279 sl: 1.39929 at price 1.39335

2010.10.11 16:08:44 Bol_TP_v4_Enhanced EURUSD,M15: modify #34491788 sell 0.10 EURUSD at 1.39279 sl: 1.39929 tp: 0.00000 ok

2010.10.11 16:08:43 Bol_TP_SELL EURUSD,M15: removed

2010.10.11 16:08:43 Bol_TP_SELL EURUSD,M15: uninit reason 0

2010.10.11 16:08:43 Bol_TP_SELL EURUSD,M15: open #34491788 sell 0.10 EURUSD at 1.39279 ok

2010.10.11 16:08:36 Bol_TP_SELL EURUSD,M15 inputs: Use_MagicNo=true; Personal_Magic=0;

2010.10.11 16:08:36 Bol_TP_SELL EURUSD,M15: loaded successfully

Edited October 11, 2010 by awsl

[benny3]

The color of the arrow does not say anything about the stoch other than the fact that it outside of the 20 -80 range, so for example, it is up to you to manually check that the Price is overbought if you wish to go short.

 

Hi Kenny, is it ok if you can distinguish overbought and oversold by different colors on the dashboard,say for example when stochastics is overbought it'll be Red and if it's oversold it'll be Green. cheers

[kennyhubbard]

awsl,

 

The error is indeed a bug. It stems from the fact that you are making a sell trade below the middle of the Bollinger Band and that you appear to be using your broker minimum lotsize.

 

The EA was not intended to be used this way, but select "Offside_Close" to false and that should fix the problem.

 

Benny, I will ponder your suggestion. Perhaps you can elaborate on how that would help? I will study the charts but I believe that there is such a strong correlation between price action and the stochastics oscilator that color coding would not provide a significant benefit. By way of example, I doubt you would ever see a +ve color number that is oversold and a minus color number that is overbought.

[wonder833]

kenny, mind adding alert function when the trade fits in the rules?

[kennyhubbard]

kenny, mind adding alert function when the trade fits in the rules?

 

It is planned for future updates

[benny3]

Benny, I will ponder your suggestion. Perhaps you can elaborate on how that would help? I will study the charts but I believe that there is such a strong correlation between price action and the stochastics oscilator that color coding would not provide a significant benefit. By way of example, I doubt you would ever see a +ve color number that is oversold and a minus color number that is overbought.

 

Hi Kenny I see what you mean, it's just that i was soo used to watching your second dashboard that i got use to seeing green and red arrows for crossing of the 365 and 200 in relation to price :)

 

For example your second dashboard showed a red arrow pointing up , signaling price was above 365/200ema but the 365 was above the 200 ema that's why the color Red.

 

http://oi55.tinypic.com/2cq1a8i.jpg

Edited October 11, 2010 by benny3

[kennyhubbard]

Hi Benny,

 

The arrow is green when the price action is moving with the trend, so in your example, the short MA should be below the long MA, indicating a down trend and the price action being below both.

 

The red arrows are the interesting ones since they indicate that price action has moved against the trend and you would be looking to make a with-trend entry.

 

I will have a look at the gap.

[kennyhubbard]

http://www.multiupload.com/KHRH06QG0I

 

Here's the spacing a bit closer.

[benny3]

Hi Kenny hope this picture helps, shouldn't the EUR/CHF be a Red arrow?

 

http://oi56.tinypic.com/15ovti8.jpg

http://oi56.tinypic.com/e03lhv.jpg

Edited October 11, 2010 by benny3

[kennyhubbard]

Hi Benny,

 

It depends where the stochastic oscilator is. The dashboard is telling you that the price action is above both moving averages but the stoch is not overbought or oversold, so the price action is of no real interest, hence the grey color.

[benny3]

Thank you Kenny i'll give it a go.

[kennyhubbard]

Remember price action will virtually always be above or below both moving averages, so colors for that by itself is virtually meaningless. By only getting color when the stochastics indicate a potential trade, it makes it far easier to see trade opportunities. Essentially you are looking for a number with color and an arrow with color........that is all you need to see. If the arrow is red, it is better because of the with-trend trade, but you can also do the counter trend trade.

[bluemele]

Here's why i love this Dashboard of Kenny's.

 

1st thing i look for is retracements in the dashboard as you can see in this picture, there's no need to flick through charts and stuff, if there's an arrow pointing up and a -1/-9 i'm interested in this. Then that's the chart I open. Hope this helps Guys.

 

http://oi52.tinypic.com/2vam4ah.jpg

 

Benny,

 

Yah, if you could do us the huge favor of showing us examples of how you are trading this, then that would be great. Honestly, I guess I don't get it yet, but maybe I will come up to speed with your examples. :)

[kennyhubbard]

Hi Benny & All,

 

Just interesting to note that the red arrow does not ALWAYS indicate a with trend entry as mentioned previously. I saw an example this morning where price action was quite far below the 2 lines(fast above slow = up trend), which were converging, indicating a possible trend reversal at play. At the same time the PA was about to touch the top BB. Without analysis you would think that the dashboard was wrong because it gave a red UP arrow. However, since the PA was at the top of the BB, you would be looking to go short but the actual trend was UP, but weakening.

 

Mmmmmm, possibly MACD would be a better indicator than just 2 moving averages??? What do you guys think?

[benny3]

Benny,

 

Yah, if you could do us the huge favor of showing us examples of how you are trading this, then that would be great. Honestly, I guess I don't get it yet, but maybe I will come up to speed with your examples. :)

 

I have a trading journal here check it out

http://indo-investasi.com/showthread.php/7365-Benny3-s-Trading-jounal

[benny3]

Hi Benny & All,

 

Just interesting to note that the red arrow does not ALWAYS indicate a with trend entry as mentioned previously. I saw an example this morning where price action was quite far below the 2 lines(fast above slow = up trend), which were converging, indicating a possible trend reversal at play. At the same time the PA was about to touch the top BB. Without analysis you would think that the dashboard was wrong because it gave a red UP arrow. However, since the PA was at the top of the BB, you would be looking to go short but the actual trend was UP, but weakening.

 

Mmmmmm, possibly MACD would be a better indicator than just 2 moving averages??? What do you guys think?

 

should be good to see Kenny

[guro]

YES Kenny, I like the idea of MACD

[benny3]

Hi Kenny, the EA seems to be doing the right things,even on live trades here's an example

 

http://oi52.tinypic.com/jsbrlv.jpg

 

But Kenny just a suggestion, is it possible to leaave everything the same but it leaves 10% in the trade and takes my stop back to break even? Hopefully i've made sense!